The New York Educational Construction Fund, created in 1966 to carry out an imaginative new program of urban development by constructing public schools as part of multiple use structures, maximizes the use of land by developing school sites for residential and commercial construction, using air rights over the schools. It raises funds by selling tax exempt bonds and notes. The Fund is authorized to receive payments for air rights plus payments in lieu of taxes are used to retire bonds. Multi-use buildings add a new dimension to community development, leading to a greater identification among school, home, and business. In addition the sizes of new schools can be economically reduced, creating a more personal atmosphere. (NI)